Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$4.00 (vs NT$4.10 in 1Q 2025) First quarter 2026 results: EPS: NT$4.00 (down from NT$4.10 in 1Q 2025). Revenue: NT$564.8m (up 1.9% from 1Q 2025). Net income: NT$221.6m (flat on 1Q 2025). Profit margin: 39% (down from 40% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 15
Now 21% overvalued Over the last 90 days, the stock has fallen 1.3% to NT$385. The fair value is estimated to be NT$318, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. Upcoming Dividend • Mar 24
Upcoming dividend of NT$12.10 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 05 May 2026. Payout ratio and cash payout ratio are on the higher end at 88% and 83% respectively. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (0.9%). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$13.33 (vs NT$12.48 in FY 2024) Full year 2025 results: EPS: NT$13.33 (up from NT$12.48 in FY 2024). Revenue: NT$2.03b (up 11% from FY 2024). Net income: NT$725.7m (up 6.8% from FY 2024). Profit margin: 36% (down from 37% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 13
Sunmax Biotechnology Co., Ltd., Annual General Meeting, Jun 15, 2026 Sunmax Biotechnology Co., Ltd., Annual General Meeting, Jun 15, 2026. Location: no,8, chih fu rd., jhongshan district, taipei city Taiwan Buy Or Sell Opportunity • Jan 28
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$393. The fair value is estimated to be NT$326, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. Buy Or Sell Opportunity • Jan 12
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$394. The fair value is estimated to be NT$327, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. Buy Or Sell Opportunity • Dec 22
Now 20% overvalued Over the last 90 days, the stock has fallen 3.6% to NT$396. The fair value is estimated to be NT$329, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. Buy Or Sell Opportunity • Dec 01
Now 20% overvalued Over the last 90 days, the stock has fallen 3.3% to NT$393. The fair value is estimated to be NT$327, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$3.48 (vs NT$3.15 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.48 (up from NT$3.15 in 3Q 2024). Revenue: NT$503.6m (up 10% from 3Q 2024). Net income: NT$189.7m (up 11% from 3Q 2024). Profit margin: 38% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$2.84 (vs NT$3.35 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.84 (down from NT$3.35 in 2Q 2024). Revenue: NT$460.1m (up 1.4% from 2Q 2024). Net income: NT$154.9m (down 15% from 2Q 2024). Profit margin: 34% (down from 40% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 28
Upcoming dividend of NT$11.60 per share Eligible shareholders must have bought the stock before 04 August 2025. Payment date: 28 August 2025. Payout ratio and cash payout ratio are on the higher end at 87% and 98% respectively. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (1.1%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$4.10 (vs NT$3.24 in 1Q 2024) First quarter 2025 results: EPS: NT$4.10 (up from NT$3.24 in 1Q 2024). Revenue: NT$554.2m (up 30% from 1Q 2024). Net income: NT$223.3m (up 27% from 1Q 2024). Profit margin: 40% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$417, the stock trades at a trailing P/E ratio of 33.4x. Average trailing P/E is 30x in the Biotechs industry in Taiwan. Total returns to shareholders of 270% over the past three years. New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 121% Dividend yield: 3.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 121% High level of non-cash earnings (28% accrual ratio). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$12.47 (vs NT$11.49 in FY 2023) Full year 2024 results: EPS: NT$12.47 (up from NT$11.49 in FY 2023). Revenue: NT$1.82b (up 7.6% from FY 2023). Net income: NT$679.4m (up 8.6% from FY 2023). Profit margin: 37% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 17
Sunmax Biotechnology Co., Ltd., Annual General Meeting, Jun 18, 2025 Sunmax Biotechnology Co., Ltd., Annual General Meeting, Jun 18, 2025. Location: no,8, chih fu rd., jhongshan district, taipei city Taiwan Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$3.15 (vs NT$3.39 in 3Q 2023) Third quarter 2024 results: EPS: NT$3.15 (down from NT$3.39 in 3Q 2023). Revenue: NT$457.5m (down 3.5% from 3Q 2023). Net income: NT$171.6m (down 7.0% from 3Q 2023). Profit margin: 38% (down from 39% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$3.35 (vs NT$2.65 in 2Q 2023) Second quarter 2024 results: EPS: NT$3.35 (up from NT$2.65 in 2Q 2023). Revenue: NT$453.7m (up 8.7% from 2Q 2023). Net income: NT$182.4m (up 26% from 2Q 2023). Profit margin: 40% (up from 35% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 10
Upcoming dividend of NT$11.00 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 08 August 2024. Payout ratio and cash payout ratio are on the higher end at 89% and 76% respectively. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.5%). Buy Or Sell Opportunity • Jun 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 54% to NT$324. The fair value is estimated to be NT$268, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 37%. New Risk • Jun 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Buy Or Sell Opportunity • May 30
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 60% to NT$327. The fair value is estimated to be NT$265, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 37%. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$288, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 42x in the Biotechs industry in Taiwan. Total returns to shareholders of 344% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$3.24 (vs NT$2.35 in 1Q 2023) First quarter 2024 results: EPS: NT$3.24 (up from NT$2.35 in 1Q 2023). Revenue: NT$427.6m (up 8.8% from 1Q 2023). Net income: NT$176.4m (up 38% from 1Q 2023). Profit margin: 41% (up from 33% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Apr 12
Sunmax Biotechnology Co., Ltd., Annual General Meeting, Jun 28, 2024 Sunmax Biotechnology Co., Ltd., Annual General Meeting, Jun 28, 2024. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$11.49 (vs NT$9.80 in FY 2022) Full year 2023 results: EPS: NT$11.49 (up from NT$9.80 in FY 2022). Revenue: NT$1.69b (up 21% from FY 2022). Net income: NT$625.7m (up 17% from FY 2022). Profit margin: 37% (down from 38% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year and the company’s share price has also increased by 37% per year. New Risk • Nov 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (97% payout ratio). Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$3.39 (vs NT$2.52 in 3Q 2022) Third quarter 2023 results: EPS: NT$3.39 (up from NT$2.52 in 3Q 2022). Revenue: NT$473.9m (up 30% from 3Q 2022). Net income: NT$184.4m (up 34% from 3Q 2022). Profit margin: 39% (up from 38% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 41% per year. Reported Earnings • Aug 14
Second quarter 2023 earnings released: EPS: NT$2.65 (vs NT$2.55 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.65 (up from NT$2.55 in 2Q 2022). Revenue: NT$417.4m (up 30% from 2Q 2022). Net income: NT$144.5m (up 4.0% from 2Q 2022). Profit margin: 35% (down from 43% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of NT$9.50 per share at 4.1% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 08 August 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$242, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 46x in the Biotechs industry in Taiwan. Total returns to shareholders of 245% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$176, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 43x in the Biotechs industry in Taiwan. Total returns to shareholders of 194% over the past three years. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$140, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 37x in the Biotechs industry in Taiwan. Total returns to shareholders of 85% over the past three years. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$2.52 (vs NT$0.76 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.52 (up from NT$0.76 in 3Q 2021). Revenue: NT$363.6m (up 44% from 3Q 2021). Net income: NT$137.3m (up 230% from 3Q 2021). Profit margin: 38% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: NT$2.55 (vs NT$0.82 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.55 (up from NT$0.82 in 2Q 2021). Revenue: NT$321.9m (up 37% from 2Q 2021). Net income: NT$139.0m (up 212% from 2Q 2021). Profit margin: 43% (up from 19% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 15% share price gain to NT$154, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 32x in the Biotechs industry in Taiwan. Total returns to shareholders of 115% over the past three years. Upcoming Dividend • Jul 06
Upcoming dividend of NT$4.40 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 29 July 2022. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (2.9%). Annonce • Apr 07
Sunmax Biotechnology Co., Ltd., Annual General Meeting, Jun 20, 2022 Sunmax Biotechnology Co., Ltd., Annual General Meeting, Jun 20, 2022. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$4.51 (vs NT$4.37 in FY 2020) Full year 2021 results: EPS: NT$4.51 (up from NT$4.37 in FY 2020). Revenue: NT$1.04b (up 21% from FY 2020). Net income: NT$245.6m (up 3.2% from FY 2020). Profit margin: 24% (down from 28% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$121, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 25x in the Biotechs industry in Taiwan. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 22% share price gain to NT$118, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 26x in the Biotechs industry in Taiwan. Total returns to shareholders of 171% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.76 (vs NT$0.35 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$252.4m (up 31% from 3Q 2020). Net income: NT$41.6m (up 120% from 3Q 2020). Profit margin: 17% (up from 9.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 15
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 22 September 2021. Payment date: 15 October 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (2.3%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.81 (vs NT$1.12 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$234.7m (up 20% from 2Q 2020). Net income: NT$44.5m (down 27% from 2Q 2020). Profit margin: 19% (down from 31% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$1.16 (vs NT$1.03 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: NT$267.0m (up 56% from 1Q 2020). Net income: NT$62.9m (up 12% from 1Q 2020). Profit margin: 24% (down from 33% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$4.37 (vs NT$1.84 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$855.9m (up 44% from FY 2019). Net income: NT$238.1m (up 137% from FY 2019). Profit margin: 28% (up from 17% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 30
New 90-day high: NT$78.90 The company is up 14% from its price of NT$69.40 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is flat over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$72.70 The company is up 14% from its price of NT$64.00 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 5.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.35 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$193.0m (up 1.8% from 3Q 2019). Net income: NT$18.9m (down 68% from 3Q 2019). Profit margin: 9.8% (down from 31% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth.